A specialty sweetener is used as an additive in food to increase its sweetness. These sweeteners are specifically associated in the food and beverage industry, as an ingredient. Further, owing to its nutritional benefits, taste, and convenience, specialty sweeteners are gaining huge demand from bakery & confectionary and food manufacturing products. With an increasing demand for low-calorie food products, the key players are switching their focus on making sugar-free and low-calorie alternatives.
The prevalence of diabetes is leading to an increase in the consumption of sugar substitutes which in turn is majorly spurring the growth of the global specialty sweeteners market. Consumer inclination towards sugar-free products and low-sugar diets is fueling the growth of the market. Rising healthcare awareness among consumers and rising consumption of various sugar substitutes is further propelling the specialty sweeteners market growth. Further, rapid growth in demand for specialty sweeteners in industrial and non-industrial applications such as bakery & confectionery, fruit-based products, ready-to-drink beverages, and others accelerates the market growth.
All these factors coupled with a growing inclination towards low-calorie sweeteners are fueling the growth of the market. However, over usage of specialty sweeteners leads to health issues such as diabetes that may restrain the market growth. The cost of specialty sweeteners is high as compared to other sugar-free alternatives available which may also hamper the market growth. On the other hand, increasing demand from the advantages offered by specialty sweeteners such as flavor enhancement, texture, and sugar replacement for the food & beverage sector may open diverse opportunities for the growth of the global specialty sweeteners market over the forecast period.
The global specialty sweeteners market is divided based on application, product type, and region. Specialty sweeteners have applications in food sector, beverages sector, and other applications. Based on the product type, the global market is split into natural and artificial.
North America region is expected to dominate the global specialty sweeteners market and is anticipated to continue its dominance during the forecast period. Factors such as shifting consumer preferences and increasing adoption of sugar alternatives & low-calorie sweeteners are driving the growth of this market in this region. Because of the growing popularity of prepared foods and convenience foods, North America is a leading producer and consumer of sweeteners. On the other hand, Asia Pacific region is anticipated to account for a significant share over the forecast period. This is attributed to the increasing disposable income and increasing usage of dietary food products. Further, rising incidences of diabetes, obesity, and overweight will also increase the specialty sweeteners market growth in this region.
Coca-Cola, Cargill Corporation, PepsiCo, Pure Circle Ltd, Nestle S.A., GLG Life Tech Corp, Stevia Corp, Zydus Wellness Cumberland Packing, and Imperial Sugar are some of the major players that are functioning in the global specialty sweeteners market.
In 2019, Pure Circle Ltd received the approval for use of its next-generation stevia leaf sweeteners which will offer delicious flavor ingredients in low-calorie products.
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Having a Master’s Degree in Brewing Technology and overall experience of 6 years in the field of writing, Jerri has been one of the most workaholic and dedicated team members of thefoodbeveragenews.com portal. She has been a part of this portal for 4 years now. Jerri started a career in writing with freelancing and the journey has been worth watching and appraising. She handles the Beverage Industry domain of the portal and along with her team provides all the vital and up-to-the-minute news and reports to the readers in a simple and comprehensible manner.